Polyurethane (PU) is widely used in various parts of modern life due to its high strength, versatility, and resistance. However, polyurethane degrades slowly in nature, so polyurethane waste disposal usually results in serious environmental problems, such as contaminated soil, altered soil ecology, and low water quality. In recent years, biodegradation of polyurethane has become a hot topic of research aimed at finding ways to potentially solve this problem. In this study, the current status, biodegradation mechanisms, and progress in the study of polyurethane were briefly summarized. The degradation mechanisms of polyurethane by bacteria and fungi and research progress on these topics were emphasized by describing examples of the biological degradation of polyurethane studied in recent years. It was found that fungal biodegradation of polyurethane occurs mainly by the means of secretase. Fungi usually attach to the surface of polyurethane material and will destroy its structure through facilitating the reproduction of other microorganisms and the growth of their own mycelium; meanwhile, fungi are able to secret hydrolase, urease, and protease, which further contribute to the biodegradation of polyurethane. When degrading polyurethane, bacteria first produce a water-soluble extracellular enzyme that can connect the bacterial cell membrane to the polyurethane material. Bacteria then secrete another extracellular enzyme to destroy the polyurethane substrate and decompose it into smaller molecules that can be directly metabolized by the bacteria, which eventually completes the degradation of polyurethane. Finally, the status and existing problems involved in research on the biodegradation of polyurethane were discussed. Trends in the development of polyurethane biodegradation were also examined. Future research should focus on the isolation of specific polyurethane-degrading strains for different types of polyurethanes with different characteristics, as well as further studying the mechanisms of polyurethane biodegradation, and thus provide theoretical support for research on the development of polyurethane biodegradation technology.